Back pay award

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Tametinn1

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Post by Tametinn1 » Thu Jul 02, 2020 2:14 pm
I have received a significant amount of bank pay awarded from 2017 in my wages this month. I have emailed my IP with a copy of my payslip and asked for the possibility for me to make use of the funds as my house is in need of some essential repairs and I detailed what exactly needs to be done. When I called today to ask about it, the lady on the phone said that it was with the IP and that he may request a variation. What does this mean? I am on month 46 of my IVA currently.

Foggy

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Post by Foggy » Thu Jul 02, 2020 2:25 pm
Under the terms of the standard agreement this money is likely due to be paid to your creditors. To change this and agree to you keeping all or part of the back pay the IP will need to ask the creditors if they are happy to change the agreement ... this is the variation to the terms they are talking about.
My opinions are merely that .. opinions based on experience. Always seek professional advice.
IVA Completed 23rd July 2013 .... C.C. 10th January 2014
http://foggy.blogs.iva.co.uk

Tametinn1

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Post by Tametinn1 » Thu Jul 02, 2020 2:37 pm
Thu Jul 02, 2020 2:25 pmFoggy wrote:
Under the terms of the standard agreement this money is likely due to be paid to your creditors. To change this and agree to you keeping all or part of the back pay the IP will need to ask the creditors if they are happy to change the agreement ... this is the variation to the terms they are talking about.
Thanks for your reply. Does this mean a whole new creditors meeting etc again? Will it take ages to find out?

Foggy

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Post by Foggy » Thu Jul 02, 2020 2:41 pm
It will be similar to a creditors meeting but I think they only need give 2 weeks notice ( but don't quote me on that) .
My opinions are merely that .. opinions based on experience. Always seek professional advice.
IVA Completed 23rd July 2013 .... C.C. 10th January 2014
http://foggy.blogs.iva.co.uk

Tametinn1

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Post by Tametinn1 » Fri Jul 03, 2020 8:48 am
Just wondering if every single penny will need to go towards the IVA or will I be able to keep any of it? You would think I would know these answers 4 years in but I can’t find my paperwork from the original agreement and as I’m salaried I never have the issue of having any overtime pay or bonuses etc.

Foggy

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Post by Foggy » Fri Jul 03, 2020 8:52 am
I have seen back pay treated in different ways by different providers, so it would be a case of 'wait and see'. Some firms, these days, are more avaricious than others.
My opinions are merely that .. opinions based on experience. Always seek professional advice.
IVA Completed 23rd July 2013 .... C.C. 10th January 2014
http://foggy.blogs.iva.co.uk

Tametinn1

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Post by Tametinn1 » Fri Jul 03, 2020 9:03 am
I’m with McCambridge Duffy. Any knowledge of what they might do? Sorry, I know I need to try and be patient but it is so difficult with the money sitting in my bank, it’s actually making me feel anxious.

kallis3

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Post by kallis3 » Fri Jul 03, 2020 9:07 am
They are one of the better companies to deal with. Keep pressing them for an answer
Sharing from experiences of dealing with debt
The greatness of a man is not in how much wealth he acquires, but in his integrity and his ability to affect those around him positively.
Bob Marley.
http://kallis3.blogs.iva.co.uk

Tametinn1

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Post by Tametinn1 » Fri Jul 03, 2020 9:11 am
When I called yesterday, they said they had no idea when I would hear anything and that it could be next week. Even half of it would be fantastic as it would mean I could make the bathroom repairs that need done.
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